Satgana Financial Model
Climate/Energy Startup Financials (Free Excel Download)
Early-stage Climate Tech Venture Capital fund investing Pre-Seed & Seed in Europe and Africa.
professionals from Deloitte
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About this model
Satgana is a climate-tech pre-seed and seed fund investing across Europe and Africa. It combines cheques of up to €500,000 with hands-on support in technology, ESG, marketing, fundraising, product, and hiring, and targets a 40-company portfolio.
The fund completed a first close with more than 30 LPs and had made three investments at the deck date. Half of investable capital is reserved for follow-ons, while the strategy uses SFDR Article 9 and gender-lens positioning to differentiate its LP and founder proposition.
This is a fund-waterfall model, not an operating-company forecast. Build commitments, capital calls, management fees, initial tickets, follow-on reserves, ownership, write-offs, exit timing, and distributions. Then calculate GP carry and LP net IRR, DPI, and TVPI under portfolio-return scenarios, with the implied €40 million fund size clearly identified as an assumption.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Satgana
satgana.com
How to build a detailed financial model for Satgana
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Satgana model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Satgana is a GP deploying a Climate Tech-focused Pre-Seed & Seed fund.
- Provides financial capital (up to €500k per startup) plus hands-on human capital (technology, ESG, marketing, fundraising, product, HR support).
- Follow-on reserves = 50% of investable capital.
- Partner perks (Stripe, AWS, HubSpot) valued at €150k per startup.
- Target portfolio: 40 start-ups across Europe and Africa.
- SFDR Article 9 fund, EU Taxonomy aligned; B-Corp certification intent; 2X Collaborative gender-lens alignment.
Market
- Climate Tech & Sustainability VC investment was approaching ~$60B in H1 2021, up from ~$2B in H1 2013.
- Number of deals reached ~800 in H1 2021.
- Quarterly VC investment into Climate Tech sectors (Q3 2020–Q2 2022) ranged from ~$4–14B; Seed segment is visually the smallest band in every quarter, demonstrating structural underserving of early stage.
- Source cited: PwC State of Climate Tech 2021, Dealroom data.
- No explicit TAM/SAM/SOM sizing or market share targets stated for the fund itself.
Revenue model
- VC fund economics: management fees + carried interest (standard GP model).
- No fee rate, carry rate, or hurdle rate are stated anywhere in the deck.
- Fund size not disclosed in deck.
- Revenue to GP = management fees (on committed or deployed capital) + 20% carry on profits above hurdle.
Traction & metrics
- 3 portfolio companies invested as of deck date: Mazi Mobility (Kenya, Transportation), Orbio Earth (Germany, Energy), Yeasty (France, Food).
- 500+ investment opportunities analyzed since inception.
- Social media: 200k+ organic impressions in last 12 months; 8,000+ followers.
- First closing completed June 2022 with 30+ LPs.
- No fund size, AuM, capital deployed, or MOIC/IRR disclosed for the Satgana fund itself (the 10x TVPI / 50%+ IRR cited is for co-founder Romain Diaz's prior venture Far Ventures).
Unit economics
- Ticket size: up to €500k per startup (Pre-Seed & Seed).
- Follow-on reserve: 50% of investable capital (implies initial deployments use the other 50%).
- Target portfolio companies: 40.
- Implied total initial deployment: 40 × €500k = €20m.
- Implied total fund size (if follow-on = 50%): ~€40m.
- No management fee %, carry, hurdle, fund life, or GP commitment stated.
Competition / moat
- Positioning: bridges the early-stage (Pre-Seed/Seed) Climate Tech financing gap where late-stage capital is abundant but Seed is structurally underserved.
- Differentiation: hands-on operational resources (human capital) beyond financial capital; strong impact ethos; gender-lens alignment (2X Collaborative).
- Deal sourcing flywheel: strong social media presence + ecosystem partner referrals + Tier 1 VC co-investment discussions.
Team & funding ask / use of funds
Core team:
- Romain Diaz - CEO/GP; 10 yrs venture building/investing; co-founder Far Ventures (TVPI x12, IRR 50%+); Rocket Internet, Naspers Ventures background.
- Isabelle Albert - COO; 20 yrs finance & sustainability; former Société Générale (€500m/yr); board roles at French Tech, Girls in Tech.
- Anil Maguru - Investment Director; former Bold Rock Family Office (€1bn+ AuM, €20m impact VC allocation).
- Alexandre Perry - Investment Director; former Rothschild & Co (€7bn+ transactions in Energy & Mobility).
- Julien Zory PhD - Chief Impact Officer (part-time); former CTO Markem-Imaje, EMEA Director Honeywell Safety.
- Patricia Silva - Venture Partner (part-time); 10 yrs Climate Tech investments; UC Berkeley Energy & Cleantech MBA.
Governance (Luxembourg fund):
- Board of Directors: Eryn Zander (Chair, INSEAD MBA, 20 yrs finance/tech), Hugo Vautier (Fund Administration), Oriane Schoonbroodt (ESG, PwC Luxembourg), Marta Ventura Correia (AML Officer).
Funding ask: Not explicitly stated. First closing completed with 30+ LPs (June 2022); deck likely supports a second closing or LP fundraising continuation.
Key LPs: Thibaud Hug de Larauze (Back Market, $1Bn raised, $5.7Bn valuation), Fabrice de Gaudemar (former Eurazeo Partner), Cullom Capital (former 3i Director).
Recommended financial model
- Archetype + why: VC Fund Economics / Waterfall Model. Satgana is a fund GP, not an operating company. The correct model is a fund-level P&L and LP/GP waterfall, not an operating startup forecast. It should capture: fund size, capital calls, deployment schedule, portfolio construction, management fees, fund expenses, exit assumptions, gross/net IRR, MOIC, carried interest, and LP distributions.
- Forecast horizon & granularity:
- Fund life: 10 years is standard; model annually.
- Investment period: years 1–4 (deploy initial capital).
- Harvest period: years 5–10 (follow-ons, exits).
- Annual granularity for fund-level cash flows; semi-annual or quarterly optional for NAV.
- Key drivers & assumptions:
- Fund size: ~€40m.
- GP commitment: 1–2% of fund.
- Management fee: 2% on committed capital during investment period, 2% on NAV/cost thereafter.
- Carry: 20% above 8% hurdle, European waterfall.
- Number of portfolio companies: 40.
- Initial ticket per company: up to €500k.
- Follow-on reserve: 50% of fund.
- Deployment pace: ~10 investments/year over 4-year investment period.
- Exit timing: years 5–10 from first investment (median year 7).
- Return distribution (power law): e.g., 5–10% of companies return 10x+, 20–30% return 2–5x, remainder return 0–1x.
- Fund expenses (legal, admin, audit, LP reporting): ~1–1.5% of fund/year.
- GP share of carry: 20% of profits above hurdle.
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: 3.0x gross MOIC, ~25% gross IRR, 2x net MOIC.
- Bull: 5.0x gross MOIC (one or two breakout >10x exits); net IRR >30%.
- Bear: 1.5x gross MOIC; capital returned near cost; management fees erode net returns.
- Flex variables: portfolio company exit multiples, write-off rate, exit timing, follow-on conversion rate.
- Required sheets / outputs:
- Fund Summary - fund size, total investments, management fees, carry, net IRR, net MOIC.
- Portfolio Construction - company-by-company initial ticket, follow-on, ownership %, exit year, exit value, return multiple.
- Capital Calls & Distributions - annual LP cash flows (J-curve).
- Fund P&L - management fees, fund expenses, realized/unrealized gains, carried interest.
- GP Waterfall - return of capital → preferred return → catch-up → carry split.
- Sensitivity - net IRR / net MOIC vs. write-off rate and average exit multiple.
- Assumptions - all tagged or.
Frequently asked
Is the Satgana financial model free?+
Yes. The Satgana model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Satgana's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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